Forward-Looking Statements

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Forward-Looking Statements

• Some of the statements in this presentation may
  constitute forward-looking statements. Words such
  as anticipate, expect, project, intend, plan,
  believe, and words and terms of similar substance
  and any financial projections used in connection
  with any discussion of future plans, strategies,
  objectives, actions, or events identify
  forward-looking statements. Forward-looking
  statements relating to the proposed transaction
  include, but are not limited to the risk that
  the Company may not be able to consummate the
  Merger contemplated by the Business Combination
  Agreement the risk that the Business Combination
  Agreement may not be able to be modified
  consistent with the terms and conditions set
  forth above the risk that in excess of
  approximately 1.8 million Common Shares are
  validly tendered and not properly withdrawn prior
  to the expiration of the tender offer, requiring
  57th Street to pay, in the aggregate, in excess
  of approximately 18.0 million, (pursuant to the
  proposed revised terms of the tender offer,
  subject to agreement of definitive terms) which
  would then cause 57th Street to (i) be unable to
  satisfy a condition of the tender offer, (ii) be
  unable to consummate the proposed business
  transaction and (iii) withdraw the tender offer,
  not purchase any shares and promptly return any
  shares tendered by stockholders to them the risk
  that governmental and regulatory review of the
  tender offer documents may delay the proposed
  transaction or result in the inability of the
  proposed transaction to be consummated by May 15,
  2011 (pursuant to the proposed revised terms of
  the Business Combination Agreement, subject to
  agreement of definitive terms) and the length of
  time necessary to consummate the proposed
  transaction the risk that a condition to the
  closing of the proposed transaction may not be
  satisfied or waived the risk that the businesses
  will not be integrated successfully the risk
  that the anticipated benefits of the proposed
  transaction may not be fully realized or may take
  longer to realize than expected the risk that
  any projections, including earnings, revenues,
  expenses, synergies, margins or any other
  financial items are not realized, the risk of
  disruption from the proposed business combination
  making it more difficult to maintain
  relationships with customers, employees or
  suppliers a reduction in industry profit margin
  the inability to continue the development of the
  Crumbs brand changing interpretations of
  generally accepted accounting principles
  continued compliance with government regulations
  changing legislation and regulatory environments
  the ability to meet the NASDAQ Stock Market
  listing standards, including having the requisite
  number of round lot holders or stockholders and
  meeting the independent director requirements for
  the board of directors and its committees a
  lower return on investment the inability to
  manage rapid growth requirements or changes
  affecting the business in which Crumbs is
  engaged the general volatility of the market
  prices of our securities and general economic
  conditions. These risks, as well as other risks
  associated with the proposed transaction, are
  more fully discussed in the Schedule TO (and any
  amendments thereto) filed with the SEC in
  connection with the transaction and the tender
  offer. Additional risks and uncertainties are
  identified and discussed in 57th Streets reports
  filed with the SEC and available at the SECs
  website at www.sec.gov. Forward-looking
  statements included herein speak only as of the
  date of this presentation. If any of these risks
  or uncertainties materialize or if any
  assumptions prove incorrect, results could differ
  materially from those expressed by such
  forward-looking statements. Neither 57th Street
  nor Crumbs undertakes any obligation to update
  its forward-looking statements to reflect events
  or circumstances after the date of this
  presentation.

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CRUMBS INVESTMENT HIGHLIGHTS

• Demonstrated track record of profitable growth
  with a 3-year revenue CAGR of 81.8
• Attractive unit economics with an average
  transaction of 18-20 and average sales per
  square foot in excess of 1,000
• Transaction allows for an initial expansion to a
  planned 200 locations in the top 15 markets by
  year-end 2014
• Ranked number 10 on Inc. Magazines list of the
  fastest-growing private companies of 2009 within
  the food beverage industry, and ranked number
  10 on their list of breakout companies of 2010
• Business combination valued at approximately
  79.2 million on a fully diluted basis, implying
  a multiple of 20.0 times projected 2011 Adjusted
  EBITDA, and 7.4 times projected 2012 Adjusted
  EBITDA

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Business combination summary

• In May 2010, 57th Street raised 54.6 million
  through its IPO
• On January 9, 2011, 57th Street entered into a
  definitive agreement to combine with Crumbs
• Merger consideration 67.5 million contingent
  payments
• 27.0 million in cash (up to 7.0 million of the
  cash consideration may be replaced by the
  issuance of equity securities at 10.00 per share
  to increase the cash available for the tender
  offer)
• 40.5 million in equity securities exchangeable
  into 57th Street common shares or 4.05 million
  shares valued at 10.00 per share (subject to
  adjustment per the bullet point above)
• Future contingent payments in equity securities
  exchangeable into an aggregate of 4.4 million
  shares based on certain EBITDA or stock-price
  performance targets through 2015
• Fully diluted enterprise value of 79.2 million1
  and market capitalization of 94.1 million
• Transaction is expected to close in April 2011
• As soon as reasonably practicable post deal,
  change name to Crumbs Bake Shop and list on the
  NASDAQ Stock Market
• 1 Excludes contingent earnout shares

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CRUMBS OVERVIEW
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Sweet beginnings

• Founded in 2003 by Mia and Jason Bauer, husband
  wife team
• Cupcake landscape prior to Crumbs - Vanilla,
  Chocolate, Lemon, Strawberry
• Crumbs cupcakes have creative combinations of
  filling, frosting and decorations with over 75
  varieties baked daily, including (now the
  industry standard)
• - Blackbottom Cheesecake - Caramel Apple
• - Cookies Cream - Chocolate Covered
  Strawberry
• - Chocolate Pecan Pie - Red Velvet
• Over 1 million cupcakes sold per month
• Over 150 different sweets baked daily include
  danishes, scones, croissants, muffins, brownies,
  cakes, pies and cookies
• Beverage program includes gourmet whole leaf
  teas, espresso based drinks, drip coffees, hot
  chocolate and homemade sodas

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CUPCAKE SIZES
Taste Size Just enough to whet your appetite,
these measure about one inch and are perfect to
pop in your mouth. Classic Size About the
size of a supermarket cupcake but with all the
deliciousness of our Signature size.
Signature Size Not your average cupcake. Over
four inches in height, they are big enough to
cut in quarters and share. They set the
standard for gourmet cupcakes with heaps of
frosting and toppings.
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Growing brand recognition

• Ranked 10th on Inc. Magazines list of top
  breakout companies of 2010, which includes
  Foursquare, Groupon, and Pandora Radio
• Ranked 10th on Inc. Magazines list of nations
  fastest-growing private companies of 2009 within
  the food and beverage industry
• Currently operating 34 company-owned stores
• Targeting approximately 200 stores by the end of
  2014
• E-commerce Division _at_ www.crumbs.com
• Shipping nationwide
• Source Inc. Magazine

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Broad demographic appeal

• We appeal to everyone from age 8-80 in every
  socio-economic class They are not counting
  calories but enjoying the moment
• Typical Customer
• Mom/strollers
• Tastemakers
• Office workers and managers
• Celebrities
• Everyone in between
• Proven success in
• Urban
• Suburban
• Commercial
• Residential markets

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SALES MIX
Day-Part Sales Mix
Product Sales Mix
1
12
9
78
2pm-6pm 6pm-11pm
Beverages Cupcakes
11am-2pm
Other Baked Goods
6am-11am
Miscellaneous
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Contract manufacturing model

• Quality and consistency
• Unit economic s much stronger
• Small foot print (800-1200 sq. ft. vs.
  2,000-3,000 sq. ft)
• Low build-out cost compared to industry
  (300,000)
• Small foot print
• Location, location, location
• No baking no venting class A office building
• Quicker build out
• Bulk purchasing efficiencies

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Social Media Staying Connected

• Social media avenues such as Facebook, Twitter,
  and Foursquare allow Crumbs to stay connected
  with its fans
• We announce a new and delicious Cupcake of the
  Month each month in addition to sponsoring
  contests and cupcake giveaways
• Since joining Facebook, the number of cupcake
  friends has continued to rise past 40,000!

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Growth strategy
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expansion strategy

• Significantly under penetrated markets
• 2011
• 14 to 16 stores planned in current markets
• Areas already determined
• Expansion into transportation hubs, a first for
  the category,
• includes Union Station in Washington, D.C.
  Continental
• Airlines Terminal in Newark Liberty Airport
• 2012
• 38 to 42 stores planned in new markets Atlanta,
  Dallas, Denver, Florida, Houston, San Diego, San
  Francisco, Seattle, etc.
• Continue to reach new customers in markets where
  we dont have stores via our website,
  www.crumbs.com

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CRUMBS Initial GROWTH POTENTIAL
Phase I Phase II Metros demanding 4 Crumbs 5
Crumbs Bake Shops 12 Crumbs Bake Shops 25 Crumbs
Bake Shops
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Financial highlights
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Financial highlights

• Strong track record of revenue growth
• Attractive unit economics
• Exceptional store level margins
• Sales per square foot highest among peers1

1Based on RBC Capital Markets and Robert W. Baird
estimates December 2010
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Revenue Growth
31.1 M
45 M - 50 M
23.5 M
31.1 M
23.5 M
9.5 M
5.3 M
3.0 M
2.2 M
1.5 M
9.3 M
542,200
5.3 M
3.0 M
2.2 M
Notes 2008 - 2010 revenue are based on audited
results . Comparable store sales averaged 15
from 2008-2010 28.6 in 2008 on base of 4
stores, 15.1 in 2009 on base of 6 stores and
2.5 in 2010 on base of 12 stores.
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Attractive UNIT ECONOMICS
Based on 25 stores for 12 month period
(11/1/09 10/31/10)
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Exceptional store level margins
Sales
1,100,000
Product Costs
374,000
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Packaging
5
55,000
Labor
220,000
20
Rent
139,000
13
81,000
Operating Expenses
7
EBITDA
231,000
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Based on 25 stores for 12 month period
(11/1/09 10/31/10)
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SALES PSF COMPARED TO INDUSTRY
1,000
900
680
568
480
390
Sources RBC Capital Markets and Robert W. Baird
estimates December 2010
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outlook

• 2011 Projected
• Sales between 45-50 million
• Adjusted EBITDA between 3.5-4.4 million
• 14-16 new stores, back end loaded
•  2012 Projected
• Sales between 78-83 million
• Adjusted EBITDA between 10.2-11.3 million
• 38-42 new stores
• Year-end 2014 Projected
• Approximately 200 Crumbs locations nationwide
• Reconciliation of adjusted EBITDA to GAAP can
  be found on slide 29

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Serving smiles daily
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appendix
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Comparable Valuation
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The MANAGEMENT TEAM
James Menzies Director of Store
Development, Crumbs Background Dean and
Deluca Gary Morrow Vice President of Store
Operations, Crumbs Background 10 years at
Starbucks in both regional and corporate
headquarters positions Edwin
Lewis Chairman of the Board of Managers,
Crumbs Background Polo Ralph Lauren, Tommy
Hilfiger, and Mossimo Mark
Klein Chairman, CEO, President Director,
57th Street Background financial services and
asset management Paul Lapping CFO,
Treasurer, Secretary Director, 57th
Street Background investment banking and
private equity

• Jason Bauer Co-Founder and Chief Executive
  Officer, Crumbs
• Background numerous entrepreneur ventures
• Mia Bauer
• Co-Founder and Chief Creative Officer, Crumbs
• Background lawyer turned baker
• Chuck Ireland Chief Financial Officer,
  Crumbs Background 26 years in public accounting
  including restaurant and food service
  businesses
• Harley Bauer Chief Development Officer ,
  Crumbs
• Background secured financing and material
  as a producer for a film and TV production
  company

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Transaction structure
Enterprise Value at Closing ( in millions,
except per share data)
Transaction Highlights
Assumed Price Per Share 10.00 Fully Diluted
Shares (1) 9.4 Fully Diluted Equity
Value 94.1 Plus Pro Forma Debt 0.0 Less
Estimated Cash at Closing (2)(3) -14.9 Enterprise
Value 79.2

• 57th Street proposes to effect redemptions of its
  common stock via a tender offer
• 57th Street founders and underwriters warrants
  will be exchanged for 370,000 shares
• 4,400,000 total contingent consideration shares
  to Crumbs
• The contingent shares may be issued based on
  meeting the 2013 and 2014 Adjusted EBITDA targets
  with half the shares issued in each year
• Alternatively, approximately one third of the
  shares may be issued upon reaching each share
  price target of 15.00, 17.50 and 20.00 in
  years 2011-2013
• 150,000 sponsors shares will be cancelled

2011 2012 2013 2014Adjusted Pro Forma EBITDA
Target (4) 4.0 10.8 17.5 25.0 Addl
Contingent Consideration Shares 0.0 0.0 2.2 2.2As
sumed Price Per Share 10.00 10.00 10.00 10.00
Contingent Consideration 0.0 0.0 22.0 22.0F
ully Diluted Shares (1)(5) 9.4 9.4 11.6 13.8 Full
y Diluted Equity Value (1)(5) 94.1 94.1 116.1
138.1 Plus Pro Forma Debt 0.0 0.0 0.0 0.0Less
Estimated Cash at Closing (2)(3) -14.9 -14.9 -14.9
-14.9 Enterprise Value 79.2 79.2 101.2 123.2
TEV/EBITDA Multiple 20.0x 7.4x 5.8x 4.9x (1)
Assumes approximately 18.0 million of common
shares is tendered and repurchased. 7.0 million
of the cash consideration to Crumbs is replaced
by the issuance of equity securities at 10.00
per share (2) Pro forma for fees to Morgan
Joseph TriArtisan LLC for MA advisory fees in
the amount of 545,630, upon closing of the
business transaction (3) Pro forma for fees to
Telsey Advisory Group LLC ("TAG"), including a
fee from 57th Street for subsequent purchases of
57th Street's common stock by certain investors
introduced by TAG. The amount of the fee will be
negotiated between TAG and 57th Street following
the completion of any such purchase (4) Adjusted
Pro Forma EBITDA excludes any potential
stock-based compensation(5) Includes the
contingent consideration shares issued at each
Adjusted EBITDA target
Pro Forma Ownership at Closing
Crumbs Shareholders Public
Shareholders 57th Street Sponsors
Other
38.8
50.5
10.7
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ADJUSTED EBITDA RECONCILIATION(4)
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57th street overview
Corporate Structure Delaware C
Corporation Amount Raised in IPO 54,563,000
(includes over-allotment) Shares
Outstanding 6,062,556 shares Warrants
Outstanding 9,156,300 warrants, exercisable at
11.50 Amount in Trust Currently 9.98 per IPO
share Founders Investment 1.750 million
investment in warrants Exchange/Ticker OTCBB/Unit
s SQTCU Common Stock SQTC Warrants SQTCW
Modest GA and Interest Expense Leverage
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Disclosure

• Non-GAAP Information
• Crumbs is providing Adjusted EBITDA information,
  which is defined as net income of the combined
  company, including net income attributable to any
  non-controlling interest, determined in
  accordance with all applicable and effective GAAP
  pronouncements up to December 31, 2010, before
  interest income or expense, income taxes and any
  gains or losses resulting from the change in
  estimate relating to the Tax Receivable
  Agreement, depreciation, amortization, deferred
  rent expense, losses or gains resulting from
  adjustments to the fair value of the contingent
  consideration, stock-based compensation expense,
  extraordinary or non-recurring expenses and all
  other extraordinary non-cash items for the
  applicable period as a compliment to U.S.
  generally accepted accounting principles (GAAP)
  results. Adjusted EBITDA measures are commonly
  used by management and investors as a measure of
  leverage capacity, debt service ability and
  liquidity. Adjusted EBITDA is the measure used
  in the Business Combination Agreement, as
  proposed to be amended, for the targets for the
  release of the Contingency Consideration (up to
  4,400,000 shares of common stock) to the Crumbs
  Members (17.5 million Adjusted EBITDA in 2013
  with respect to half of the Contingency
  Consideration to the extent stock price targets
  have not been achieved in earlier years, 25
  million Adjusted EBITDA in 2014 with respect to
  the Contingency Consideration to the extent
  previous targets have not been achieved and 30
  million Adjusted EBITDA in 2015 for any remaining
  Contingency Consideration). Adjusted EBITDA is
  not considered a measure of financial performance
  under GAAP, and the items excluded from Adjusted
  EBITDA are significant components in
  understanding and assessing our financial
  performance. Adjusted EBITDA should not be
  considered in isolation or as an alternative to,
  or superior to, such GAAP measures as net income,
  cash flows provided by or used in operating,
  investing or financing activities or other
  financial statement data presented in our
  consolidated financial statements as an indicator
  of financial performance or liquidity.
  Reconciliations of non-GAAP financial measures
  are provided in the accompanying tables. Since
  Adjusted EBITDA is not a measure determined in
  accordance with GAAP and is susceptible to
  varying calculations, Adjusted EBITDA, as
  presented, may not be comparable to other
  similarly titled measures of other companies.

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Disclosure

• Important Information about the Tender Offer
• 57th Street has commenced a tender offer to
  purchase shares of its common stock to which this
  communication pertains. This presentation is
  neither an offer to purchase nor a solicitation
  of an offer to sell any securities. The
  solicitation and the offer to buy shares of 57th
  Streets common stock is being made pursuant to
  an offer to purchase, as amended, and related
  materials which 57th Street filed with the SEC.
  The tender offer statement (including an offer to
  purchase, a letter of transmittal and other offer
  documents) contains important information that
  should be read carefully and considered before
  any decision is made with respect to the tender
  offer. These materials were and revised materials
  will be, sent free of charge to all stockholders
  of 57th Street. In addition, all of these
  materials (and all other materials filed by 57th
  Street with the SEC) are available at no charge
  from the SEC through its website at www.sec.gov.
  Stockholders may also obtain free copies of the
  documents filed by 57th Street with the SEC by
  directing a request to 57th Street General
  Acquisition Corp., 590 Madison Avenue, 35th
  Floor, New York, New York 10022. Stockholders of
  57th Street are urged to read the tender offer
  documents and the other relevant materials filed
  with the SEC before making any investment
  decision with respect to the tender offer because
  they contain important information about the
  tender offer, the business combination
  transaction and the parties to the merger.